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Committee approves statewide fire-loss reporting changes and confidentiality protections
Summary
Substitute Senate Bill 5419, which revises insurer reporting of fire losses and makes certain fire-loss report information confidential, was reported out of committee (12–2, 1 excused) after adoption of two technical amendments clarifying reporting timing and scope.
The Consumer Protection & Business Committee on April 1 adopted amendments and voted to report Substitute Senate Bill 5419, a measure changing what insurers must report about fire losses, who receives those reports and making some of that information privileged and confidential.
Committee staff explained the bill would modify required fire-loss information and allow insurers to report through a third-party vendor to the Insurance Commissioner. One amendment (MOLV 565) would align the Senate bill to the House companion and allow reporting through a third-party vendor; another amendment (MOLV 572) narrowed reporting of origin and cause to information known to the insurer rather than “known or suspected” causes to reduce speculation.
Representative Barry described the second amendment as intended “to help with more accurate data and decreased speculation.” Representative Ryu and others emphasized the goal of creating a centralized repository to improve fire-loss data for rating and mitigation. Representative Reeves moved the amendments and the committee reported the bill out with a due-pass-as-amended recommendation. Staff announced the recorded vote as 12 ayes, 2 nays and 1 excused.
